HP announced this morning that it has made a counter offer to 3Par’s board, proposing that it would buy the company for $1.6 billion in cash — or $24 a share, compared to Dell’s $18 per share. The deal was approved by HP’s board and only needs the approval of 3Par’s board to be finalized. Once approved, HP expects the transaction to close by the end of the year.

In a letter to 3Par CEO David Scott, HP CTO Shane Robison argues that in addition to offering 33 percent more than Dell, there are strategic advantages for 3Par to go along with its offer: “HP is uniquely positioned to capitalize on 3PAR’s next-generation storage technology by utilizing our global reach and superior routes to market to deliver 3PAR’s products to customers around the world.”

HP says that the addition of 3Par’s advanced server technology “would accelerate its Converged Infrastructure strategy, which provides customers with a portfolio of intellectual property across storage, server and networking solutions.”